Skip to main content

The Benefits of Electronic Payments for B2B Transactions

In the digital age, businesses are increasingly moving away from traditional payment methods such as checks and cash, and adopting electronic payment methods for B2B transactions. Electronic payments offer numerous advantages over traditional payment methods, making them an ideal choice for businesses looking to streamline their payment processes and improve cash flow. What are the benefits of electronic payments for B2B transactions? Faster payment processing Electronic payments are processed much faster than traditional payment methods. With electronic payments, the payment is transferred directly from the payer's bank account to the payee's account, eliminating the need for physical checks or cash. This significantly reduces payment processing time, allowing businesses to receive payments faster and improve cash flow. Increased convenience Electronic payments offer increased convenience for both the payer and the payee. With electronic payments, businesses can make and recei

ACH eCheck Payment Applications

The ACH Network supports a variety of payment applications from different vendors. An Originator initiating entries into the system will code the entries in a manner to indicate the type of payment, such as a debit or credit, and whether an entry is a corporate or consumer. The ACH application is recognized by a three digit code or an Standard Entry Class Code (SEC) code. This SEC code appears on the record format. It identifies the specific record format that will be used to carry the payment and the related payment information. Here is a list of entry class codes.

ARC - Accounts Receivable Entry
CIE - Customer Initiated Entry
MTE - Machine Transfer Entry
PBR - Consumer Cross-Border
POP - Point of Purchase
PPD - Prearranged Payment and Deposit
POS - Point of Sale
RCK - Represented Check
TEL - Telephone Initiated Entry
WEB - Internet Initiated Entry
CBR - Corporate Cross Border Payment
CCD - Cash Concentration or Disbursement
CTX - Corporate Trade Exchange
ACK - Acknowledgement Entries
ADV - Automated Accounting Advice
COR - Automated Notification of Change
DNE - Death Notification of Change
ENR - Automated Enrollment Entry
TRC - Truncated Entries
XCK - Destroyed Check Entry


Popular posts from this blog

eCommerce service providers network

Recently we added our little blog to a directory to increase traffic and came across one worth mentioning here. The directory is comprised of eCommerce and brick and mortar business vendors. They have a nice break down of specific categories that pertain to the payments industry. With categories like, PCI DSS Compliance, Point of Sale, Check Readers and more, merchants should be able to find any kind of service to support their business. If your a provider and need more traffic like we all do, try adding your site.

Options for Accepting International Payments

There are few choices when trying to set up international payments for your ecommerce website. PayPal and Stripe are great options for those that don't have a merchant account but still want to accept transactions from international customers. PayPal If you need to accept payments from most countries PayPal is the clear winner, but there are still some countries that are not supported.. At the time of this writing there are 203 markets and 26 currencies available. See the full list here at the  PayPay Global  web page. Countries not supported by PayPal included:     Afghanistan     Bangladesh     Central African Republic     North Korea     Equatorial Guinea     Ghana     Haiti     Iran     Iraq     Lebanon     Liberia     Libya     Myanmar     Pakistan     South Sudan     Sudan     Syria     Timor-Leste / East Timor     Uzbekistan Stripe The newcomer Stripe is in the process of adding more countries all the time. Currently your business must be based i

Amazon bids to become a bigger e-commerce technology provider to retailers

Already by far the biggest online retailer, Inc. is bidding to become a bigger supplier of e-commerce technology to other retailers and consumer goods manufacturers. With its release this week of its new version of Amazon WebStore, experts say, Amazon has come up with a compelling offering that lets other e-retailers take advantage of Amazon’s services and strong reputation. “Sellers that adopt this platform are not just leveraging the technology, they’re also leveraging Amazon’s reputation and the guarantees Amazon provides to consumers related to the online shopping experience,” says Eric Best, CEO of Mercent Corp., an online marketing services firm. more...